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Great Depression - Britain leaves the gold standard, and the pound sterling depreciates by 25%

Time: Monday Sep 21, 1931

Place: London, England, United Kingdom

Details: Britain leaves the gold standard, and the pound sterling depreciates by 25%. Despite warning of disaster, the departure proves beneficial to the British economy, as exports become more competitive. Additionally, the Bank of England was now free to engage in money creation, and reduced interest rates from 6.00% to 2.00%.

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